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G7 finance officials back need to regulate digital currencies

WASHINGTON/BERLIN, Finance ministers and central bankers from the Group of Seven (G7) advanced economies strongly supported the need to regulate digital currencies, the U.S. Treasury Department said in a statement on Monday after a virtual meeting of the officials, Reuters reported.
German Finance Minister Olaf Scholz issued a sharply worded statement after the meeting, underscoring his concerns about authorizing the launch of Facebook’s Libra cryptocurrency – newly renamed Diem – in Germany and Europe.
“A wolf in sheep’s clothing is still a wolf,” he said. “It is clear to me that Germany and Europe cannot and will not accept its entry into the market while the regulatory risks are not adequately addressed.”
He added: “We must do everything possible to make sure the currency monopoly remains in the hands of states.”
U.S. Treasury Secretary Steven Mnuchin hosted the 12th meeting of the G7 finance officials this year related to the COVID-19 pandemic as Washington prepares to hand over the presidency of the G7 to Britain next month.
The G7 finance officials discussed ongoing responses to “the evolving landscape of crypto assets and other digital assets and national authoritie work to prevent their use for malign purposes and illicit activities,” Treasury said.


Source: Saudi Press Agency

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